duck
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Post by duck on Jul 17, 2017 16:18:43 GMT
The plot has planning permission to build 12 houses, although only 78 are being built in this first stage
Figures the wrong way round?
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fp
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Post by fp on Jul 17, 2017 17:37:31 GMT
From the loan this is replacing upon renewal:
A facility loan of £545,000 secured by a first legal charge on a development plot in Carlisle, Cumbria. The plot has planning permission to build 12 houses (10 x 2 bedroom and 2 x 3 bedroom). At this stage only 7 houses will be built.
So there's a little more confusion for you!
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rs
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Post by rs on Jul 17, 2017 21:09:15 GMT
I reckon someone meant to press the 7 key and fat-fingered the 8 key at the same time... i see this loan being fully funded very quickly.
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mikes1531
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Post by mikes1531 on Oct 9, 2017 12:19:11 GMT
I think I'm encouraged by the updates for this loan, but I'm not sure.
Today's update was that the new VR is expected soon.
It's a development loan, maximum borrowing of £645k, with £393k borrowed so far. Is progress behind schedule? Is the new VR is necessary because there's concern that the money borrowed/spent so far isn't producing the value expected?
I think this may mean that FS have learned a bit from the Whitehaven loan and are commissioning more interim VRs, and I take that as a positive move.
If the GDV hasn't increased, then it's going to be difficult to justify rolling up the interest for a renewal, and that could mean the borrower has difficulty funding the remainder of the construction.
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Liz
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Post by Liz on Nov 2, 2017 12:50:59 GMT
Spoke to FS, the Carlisle loans stuck in legals. They were supposed to renew "shortly" after interest was received.
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oldgrumpy
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Post by oldgrumpy on Nov 4, 2017 17:52:22 GMT
Maybe. If you are in the fourth tranche of the first loan (12%) you are probably safe (ish). The second, third, and now fourth loans all rank behind yours if the scheme goes BANG! edit: you monkey adrian77  You've zapped your post to which this was a reply  . OG |
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Post by zeverare on Nov 28, 2017 15:16:08 GMT
In previous loans a whole story about a new valuation being on the way and now in the renewal it is "50% complete", no report.
No roof, windows....
And "winter is coming"
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rogerthat
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Post by rogerthat on Feb 19, 2018 16:49:53 GMT
3rd tranche up tomorrow (20th) at 10am..sharp ..going to be a mobile nosey job for me as a thoughtless customer has given me some work. £35 K...@ 70 LTV Fascia, barge boards and "soppets" (sic)  well good luck with those  |
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mariner
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Post by mariner on Feb 19, 2018 18:31:53 GMT
3rd tranche up tomorrow (20th) at 10am..sharp ..going to be a mobile nosey job for me as a thoughtless customer has given me some work. £35 K...@ 70 LTV Fascia, barge boards and "soppets" (sic) well good luck with those Yet again, a glaring error shows FS are very inexperienced in property development How on earth can you mistake soffits for soppets???...........unless of course you don’t know what you are talking about It really beggars belief
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rogerthat
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Post by rogerthat on Feb 19, 2018 19:24:21 GMT
3rd tranche up tomorrow (20th) at 10am..sharp ..going to be a mobile nosey job for me as a thoughtless customer has given me some work. £35 K...@ 70 LTV Fascia, barge boards and "soppets" (sic) well good luck with those Yet again, a glaring error shows FS are very inexperienced in property development How on earth can you mistake soffits for soppets???...........unless of course you don’t know what you are talking about It really beggars belief Perhaps they meant puppets...or dare I even go there..muppets ?   www.youtube.com/watch?v=8N_tupPBtWQ
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woodland
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Post by woodland on Jun 1, 2018 13:42:47 GMT
Anyone following this closely enough to have a view on the current renewal?
At first glance, it seems to me that the development has been behind schedule. The valuation may also be a little optimistic @ £100K per terraced house (using Zoopla FWIW).
That said, I remain desperate to put my money somewhere, preferably with a bonus attached, so though would refresh this thread to the top!
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rogerthat
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Post by rogerthat on May 9, 2019 10:26:42 GMT
Im hoping this is the correct Carlisle loan... 30 mins ago 09/05/2019 Administrators have been appointed over the borrowing Company. We are currently liaising with our Litigating Solicitors and the Administrators to find a positive way forward to recover our Investors funds. Another one...  |
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coop
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Post by coop on May 9, 2019 10:50:44 GMT
Crikey I make that another £557k of non-defaulted defaults...
GDV on completion estimated at £738k, although this includes some vacant plots sold at £23k so potentially has the legs to be worth more if someone wants to build out those plots too.
That said in a distressed sale and administrator fees it's hard to see a full recovery of capital + interest. Good luck to those involved!
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adrian77
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Post by adrian77 on May 9, 2019 12:19:06 GMT
I also make it £557K as I have said before buying a part-completed development is very problematic due to insurance, NHBC issues etc. If this one takes a year to finalise from loan issue then at 20% p.a that is over £100K interest before the second charge gets a look-in. I don't know how many houses are actually nearly finished so difficult one to value. Looks a similar one to Roddy**** C to me.
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rogerthat
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Post by rogerthat on May 9, 2019 12:30:16 GMT
I also make it £557K as I have said before buying a part-completed development is very problematic due to insurance, NHBC issues etc. If this one takes a year to finalise from loan issue then at 20% p.a that is over £100K interest before the second charge gets a look-in. I don't know how many houses are actually nearly finished so difficult one to value. Looks a similar one to Roddy**** C to me. All tranches rank equally ?
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You've zapped your post to which this was a reply 
.
well good luck with those 
